Home PoliticsAmerica USA Caught Out on WTO Breaches

China’s Ministry of Commerce (MOC) issued a report on the World Trade Organization (WTO) compliance of the United States for the first time on Friday.

The report reviewed U.S. performance on following WTO rules, and expressed concerns over U.S. policy measures that undermine the multilateral trading rules, impose unilateral sanctions, manipulate double standards in industrial policies, and disturb global industrial and supply chains.

The concerns cover 11 areas, including tariff and non-tariff barriers, industrial subsidies, agricultural subsidies, trade remedies, standards and technical regulations, trade in services and intellectual property rights.

The United States has not only selectively implemented WTO rulings, but has also blocked appointments of new Appellate Body members, which led to the “paralysis” of the Appellate Body.

The United States has a long history of taking unilateral measures against other members under the guise of so-called “national security,” “human rights” and “forced technology transfer,” and has also coerced others into abiding by its diplomatic policies and illegitimate demands, the report said.

In addition, the United States has implemented exclusive and discriminatory subsidy policies, and has disrupted other countries’ industrial development through means like export control, the report added.

It has instigated decoupling and fragmenting industrial and supply chains, tried to utilize unilateral tariff measures to force re-shoring of industrial chains, established U.S.-centered industrial and supply chains through massive subsidies, and promoted near-shoring and friend-shoring based on so-called “values,” the report said.

As the world’s largest economy and an important founder and principal beneficiary of the multilateral trading system, the United States should have set a good example by abiding by the rules, honoring its commitments, and upholding the authority and efficacy of the multilateral trading system, according to the report.

China will, as always, maintain close communication and cooperation with all parties, fully and deeply participate in the reform of the WTO, and work together to promote the multilateral trading system to play a bigger role in global economic governance, said the MOC.

Shayne Heffernan

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

Latest Articles

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.